SHAH ALAM: Boustead Heavy Industries Corp Bhd (BHIC) has appointed Feroz Razi Ramli, 45 as its new chief executive officer. Feroze replaces Sharifuddin Zaini Al-Manaf, 53, who completed his tenure as CEO after holding the post since April 1, 2020, the group said in a bourse filing on March 31.
From The Edge:
Feroz Razi, 45, served as CEO of Boustead DCNS Naval Corp Sdn Bhd, a joint venture firm between Boustead Heavy Industries Corp Bhd and the Naval Group of France, from January 2018 to March 2023. Prior to that, he was the deputy chief executive in the firm.
He is a member of the Malaysian Institute Accountants (MIA) and a chartered accountant with ACCA (Association of Chartered Certified Accountants) and ICAEW (Institute of Chartered Accountants in England and Wales) qualification.
BHIC saw its net loss widen to RM28.10 million in its fourth quarter ended Dec 31, 2022, from RM7.97 million a year earlier, due to allowance made for expected credit loss and right sizing costs, along with higher provision for taxation. Quarterly revenue decreased slightly to RM38.57 million from RM39.76 million.
Feroz will be leading BHIC at a troubling time as the company and its associate company, Boustead Naval Shipyard (BNS) navigate through the problems with the Littoral Combat Ship (LCS) project. Despite what had been said by the politicians, the risk of the ship going under remain high. Feroz is the third CEO for BHIC since the company was awarded the contract to design and build the LCS. The CEO who signed the deal has since been charged in court.
— Malaysian Defence